The Market Was Inactive on the First Day After the Holiday, with Buyers Mostly Adopting a Wait-and-See Attitude [SMM Yangshan Spot Copper]

        February 5, 2025: Today, warehouse warrant prices were $61-75/mt, QP February, with an average price down by $3/mt compared to the previous trading day; B/L prices were $50-64/mt, QP February, with an average price down by $3/mt compared to the previous trading day; EQ copper (CIF B/L) was $3-17/mt, QP February, with the average price unchanged from the previous trading day, and quotations referred to cargoes arriving in mid-to-early February.

        During the day, the SHFE/LME price ratio for the SHFE copper 2502 contract was around -250 yuan/mt, LME copper 3M-Feb was at C$102.42/mt, and the February-March spread was around C$42/mt. The price ratio after the holiday improved significantly compared to before the holiday, but buying activity on the first trading day was not active. The market saw scattered offers for mid-to-early February pyro copper, with EQ cargoes in short supply. Most traders adopted a wait-and-see attitude toward the market outlook, and the overall transaction center shifted downward.

        Currently, the actual transaction price for pyro high-quality copper warehouse warrants is $75/mt, mainstream pyro copper is $68/mt, and wet-process copper is $61/mt; high-quality copper B/L is $65/mt, mainstream pyro copper is around $58/mt, and wet-process copper is $51/mt; CIF B/L EQ copper is $3-17/mt, with an average price of $10/mt.